topic Re: We're in the money , we're in the money .... in Community Chat

We're in the money , we're in the money ....

151949 — Thu, 18 Feb 2016 13:26:43 GMT

Income tax refund was deposited today. On exactly the day they said it would be here! We only do a short form so there is no reason they would have any dispute on it but it's certainly nice when our money comes home where it belongs.

Re: We're in the money , we're in the money ....

Group 5 minus 1 — Thu, 18 Feb 2016 13:41:31 GMT

How much of your money did the Feds give you back?

Re: We're in the money , we're in the money ....

151949 — Thu, 18 Feb 2016 13:50:55 GMT

Do you all do anything special with your income tax refunds? We use ours to pay property taxes and insurance and our campground rent for the year, plus travel expenses to snowbird. If there is enough left over we take a vacation with it. Last year we went to Lake Chautaqua in southern New York. So beautiful there! We are fortunate that DH still has a zillion points from all the years he travelled for his job, so we don't have to pay for our hotel rooms as long as we stay in Hampton or Hilton Inns.We are considering a trip along the Hudson River for this year - see where the Roosevelts lived etc.

Re: We're in the money , we're in the money ....

novamc1 — Thu, 18 Feb 2016 14:01:55 GMT

You must be getting quite a large refund.......good for you if you get psychological pleasure out of a big refund, but .......you can adjust your tax withholding to let Uncle Sam take less out of your monthly income and enjoy more money throughout the year.

We try to pay just enough withholding tax to avoid a huge refund. I don't like Uncle to have use of my money for long. Even though the cash doesn't earn much interest in bank accounts these days, it's better to know it's in MY bank earning some extra pennies, instead of being held for 12 months at the IRS bank.

Re: We're in the money , we're in the money ....

Plaid Pants2 — Thu, 18 Feb 2016 14:06:21 GMT

I don't see why one feels the need to brag about getting a refund. A lot of people get refunds, yet they don't feel the need to brag about it, but hey, whatever floats your boat.

Re: We're in the money , we're in the money ....

proudlyfromNJ — Thu, 18 Feb 2016 14:12:47 GMT

@151949 The Hudson River trip is worth taking. There are a few Roosevelt homes and the library, which is so full it takes a day to see. Also Vanderbilt mansion and a few others are there. Sorry to take off topic.

Re: We're in the money , we're in the money ....

PinkyPetunia — Thu, 18 Feb 2016 14:14:30 GMT

We usually have to pay taxes so we file in April.

Re: We're in the money , we're in the money ....

Lacey1 — Thu, 18 Feb 2016 14:18:09 GMT

@Plaid Pants2 wrote:
I don't see why one feels the need to brag about getting a refund. A lot of people get refunds, yet they don't feel the need to brag about it, but hey, whatever floats your boat.

Hey Plaid-just consider the source. The One-up-manship never stops.

Re: We're in the money , we're in the money ....

KingstonsMom — Thu, 18 Feb 2016 14:18:48 GMT

I've never understood why some people have more taxes taken out, essentially using it as a 'no interest savings acct.' with the govt., instead of just adding it to their personal savings account, where they'll draw some interest, even if it's a small amount.

No willpower/self control possibly, IMO.

Re: We're in the money , we're in the money ....

Anonymous — Thu, 18 Feb 2016 14:24:26 GMT

This post has been removed by QVC inappropriate

Re: We're in the money , we're in the money ....

KingstonsMom — Thu, 18 Feb 2016 14:26:52 GMT

@Plaid Pants2 wrote:
I don't see why one feels the need to brag about getting a refund. A lot of people get refunds, yet they don't feel the need to brag about it, but hey, whatever floats your boat.

@Plaid Pants2

Me neither, especially since it's your money to start with, the gov't just gave it back to you.

Now, winning the Publishers Clearing House or a huge lottery, that's something to brag about, LOL!

Re: We're in the money , we're in the money ....

KingstonsMom — Thu, 18 Feb 2016 14:30:08 GMT

@Lacey1 wrote:
@Plaid Pants2 wrote:
I don't see why one feels the need to brag about getting a refund. A lot of people get refunds, yet they don't feel the need to brag about it, but hey, whatever floats your boat.
Hey Plaid-just consider the source. The One-up-manship never stops.

@Lacey1

LOL!

Re: We're in the money , we're in the money ....

Mominohio — Thu, 18 Feb 2016 14:34:22 GMT

@KingstonsMom wrote:
I've never understood why some people have more taxes taken out, essentially using it as a 'no interest savings acct.' with the govt., instead of just adding it to their personal savings account, where they'll draw some interest, even if it's a small amount.

No willpower/self control possibly, IMO.

This is it exactly. It is an easy and non accessible forced savings.

We began over withholding when our son was in private school. We set it up so there would be enough to pay the tuition each year. It was the easiest and 'safest' way for us to get the money together, and not find some other reason to tap into it. Back then, when our wages were lower, and expenses rasing a kid endless, it helped us assure he could stay in private school.

After that expense was past, we used it for a home improvement each year, windows, doors, etc. or sometimes to offset something unexpected (our dog passed this year, and in the process, there were several thousand dollars worth of medical bills that we never saw coming).

The money that we get back, would earn virtually nothing in an account if accumulated throughout the year, we aren't going to save it long term, but want a way to accumulate that much to do specific additional things. We aren't shorting ourselves weekly, we have more than enough to pay what we need for basic expenses and investing each month.

Many people think it an unacceptable way to save money, but it works for us, and we will continue to do it for the foreseeable future. I guess we are just old fashioned, we still do a Christmas Club too. There is just someting about not having all our eggs in one basket that seems right to us.

Re: We're in the money , we're in the money ....

scatcat — Thu, 18 Feb 2016 14:34:56 GMT

Many many people spend every cent (and more) of their paycheck. So getting a tax refund is forced savings for them. (And as you see, they can't wait to spend the refund as well). Putting a couple thousand in a savings account for a few months will gain you like $3 in interest. Someone who uses the short form to file taxes isn't heavily into investing, so for OP, getting a refund is a big deal

Re: We're in the money , we're in the money ....

traveler — Thu, 18 Feb 2016 14:43:34 GMT

Oh yeah, tthese are the voices I want to talk politics with. Not.

Re: We're in the money , we're in the money ....

novamc1 — Thu, 18 Feb 2016 14:51:34 GMT

No one investment idea is right for everybody, but I get a pretty good return on extra cash by investing in several different gas/electric utility stocks paying anywhere from 3.5 to 5 percent interest per year and in various CDs at banks that pay about 1.25 percent interest per year.

(Of course, the more we earn on these investments, the more income tax we owe, but they're a good way to grow savings if you have some money to put in and let the interest compound over a long period of time.)

Re: We're in the money , we're in the money ....

Maudelynn — Thu, 18 Feb 2016 14:52:41 GMT

@KingstonsMom wrote:
I've never understood why some people have more taxes taken out, essentially using it as a 'no interest savings acct.' with the govt., instead of just adding it to their personal savings account, where they'll draw some interest, even if it's a small amount.

No willpower/self control possibly, IMO.

So anyone who gets a tax refund has no willpower or self control, possibly? Pretty broad brush you've got there, possibly. IMO.

Re: We're in the money , we're in the money ....

novamc1 — Thu, 18 Feb 2016 14:53:45 GMT

@traveler

I didn't recognize this topic as being political.

Re: We're in the money , we're in the money ....

traveler — Thu, 18 Feb 2016 14:57:02 GMT

It is not political but replies are condescending and lecturing. Both traits show up in political threads.

Re: We're in the money , we're in the money ....

SaRina — Thu, 18 Feb 2016 15:00:13 GMT

It's the usual "I'm right, you're wrong, therefore I'm superior to you." It's okay. Have your own opinion. My opinion is that people should do what they feel works for them regarding the tax refund situation.